final review

final review - Acct 411 Exam 3 Review Chapter 1 1....

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Acct 411 Exam 3 Review Chapter 1 1. Definition of assurance services – an independent professional service that improves the quality of information for decision makers 2. The five categories of attestation services a. audit of historical financial statements b. audit of internal control over financial reporting c. review of historical financial statements d. attestation services on information technology e. other attestation services that may be applied to a broad range of subject matter 3. Definitions of operational and compliance audits a. Operational audit – evaluates the efficiency and effectiveness of any part of an organizations operating procedures and methods b. Compliance audit – is conducted to determine whether the auditee is following specific procedures, rules, or regulations set by some higher authority Chapter 2 1. Know which standards apply to which services and who creates them a. PCAOB auditing standards – audits of public co b. GAAP and SAS – audits of private co 2. Know the 10 generally accepted auditing standards and their breakout into general, fieldwork, and reporting standards page 34-35 General Field Work Reporting T technical training S supervision and planning W with accordance to GAAP I independence I internal control A adequate
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/09/2012 for the course ACC 411 taught by Professor Staff during the Spring '12 term at Old Dominion.

Page1 / 4

final review - Acct 411 Exam 3 Review Chapter 1 1....

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online